Citi to Slash 11,000 Jobs as New CEO Takes Over
You can bet that many workers here in Sioux Falls will be keeping a close eye on the new CEO at Citi-Bank Michael Corbet. Corbet's been brought in to 'reign in spending'.
The bank has been under increasing pressure to cut costs to lift returns, and Citigroup's new chief executive, Michael Corbat, has said his priority is to make Citi a leaner and more efficient bank.
Citi-Bank employes thousands here in Sioux Falls. This is a story we're sure is just starting to get traction. Corbat went on to say in a story released today in The Wall Street Journal,
"These actions are logical next steps in Citi's transformation," Mr. Corbat said in a press release. "We have identified areas and products where our scale does not provide for meaningful returns. And we will further increase our operating efficiency by reducing excess capacity and expenses, whether they center on technology, real estate or simplifying our operations."